Satsuma Raises $217M, Aims To Become The UK's Largest Bitcoin Treasury Company
London-based Satsuma Technology (LSE: SATS) has secured £163.6 million ($217.6 million) in a heavily oversubscribed funding round, drawing strong institutional interest and marking the largest Bitcoin treasury-related raise by a UK public company to date.
What Happened: The convertible note round, which concluded on July 28, was led by ParaFi Capital and included participation from Pantera Capital, DCG, Kraken, Arrington Capital, Borderless Capital, and several London-based equity investment funds.
The raise exceeded its £100 million minimum target by over 60%, with nearly half of the proceeds, 1,097.29 BTC, or approximately £96.8 million, settled directly in Bitcoin (CRYPTO: BTC), using a fixed 24-hour pricing window.
The digital asset settlement aligns with Satsuma's strategy of building a Bitcoin-native treasury.
The notes are expected to convert into ordinary shares priced at £0.01 each, pending shareholder approval and the publication of a formal prospectus with the UK Financial Conduct Authority.
A general meeting will soon be convened to ratify the transaction.
Despite the successful fundraise, Satsuma's share price tumbled over 20% on the London Stock Exchange following the announcement, according to data from Benzinga Pro.
The stock has now fallen more than 50% since the company first unveiled its Bitcoin treasury strategy in June, currently trading at £4.06.
Satsuma, formerly known as Streaks AI and later Tao Alpha, is also building decentralized AI infrastructure on Bittensor (CRYPTO: TAO), a protocol for open-source machine learning networks.
In addition to investing in emerging AI subnets, the firm develops revenue-generating agents tailored for decentralized models.
Also Read: Bitcoin Back Above $114,000: Is The Bottom In?
The latest funding will support operational expansion, ensure at least three months of working capital is held in cash, and allocate the rest to its BTC reserves under its Singapore-based subsidiary, Satsuma Pte.
CEO Henry K. Elder, previously of UTXO Management, called the raise a "landmark validation" of Satsuma's vision to merge decentralized AI and a Bitcoin-native balance sheet.
"To have our initial target so significantly oversubscribed is a profound vote of confidence," Elder said, adding that the BTC-denominated participation reflects trust in the firm's ability to execute and innovate from a London base.
What’s Next: Elsewhere in the UK, Bitcoin treasury companies are beginning to gain traction.
The Smarter Web Company (OTC:TSWCF), listed on Aquis Exchange, currently holds 2,050 BTC (~$235M) and leads the domestic market. On the same day as Satsuma's announcement, Smarter Web revealed it raised an additional $21 million via a Bitcoin-backed convertible bond.
Satsuma's emergence has sparked debate within the UK crypto community, particularly over UTXO's support.
Some investors have voiced concerns on X, accusing the firm of backing multiple treasury companies in a single market and undermining prior commitments.
Other notable UK-listed Bitcoin holders include Phoenix Digital Assets (247 BTC) and Coinsilium (OTC:CINGF) (124 BTC).
Crypto asset manager CoinShares, headquartered in Jersey, also holds 236 BTC.
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Posted-In: Cryptocurrency News
